Arthur Shaw rebels banned by court
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A SIMMERING row at Arthur Shaw, the West Midlands window fittings manufacturer, boiled over yesterday when Gordon Pearson, chairman, went to the High Court to stop two rebel shareholders being appointed directors.
Mr Pearson remained chairman following a board meeting at which directors were told that he had obtained an injunction against Ian Tickler and Donald Crammond being reappointed.
Mr Tickler was Mr Pearson's predecessor as chairman and Mr Crammond is a former deputy chairman. Mr Tickler resigned last April and Mr Crammond in August.
But Mr Tickler, whose family founded the company, has requisitioned an extraordinary meeting to oust Mr Pearson.
The dissidents' stockbroker, Granville, said they have the backing of 49 per cent of Shaw shares. It is understood that Mr Tickler wants to sell the loss-making engineering division to cut debt.
Mr Tickler led the company when it joined the Unlisted Securities Market in 1988. Shaw moved into the red last year, when it revealed a pounds 297,000 pre-tax loss for the year to 29 March against a pounds 267,000 profit. The board passed the final dividend, leaving shareholders with 1.3p for the year (4.1p).
Shaw lost a further pounds 124,000 before tax in the six months to 4 October against profits of pounds 113,000.
The share price collapsed from 50p to 21p last April when the company warned of the forthcoming loss. It subsequently recovered to 45p. Yesterday it remained at 41p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments